From Jaime Dimon (9/25):
<strong>Q&A FOR WASHINGTON MUTUAL EMPLOYEES</strong>
<strong>What is JPMorgan Chase buying?</strong>
JPMorgan Chase is buying the banking operations of Washington Mutual.
That means the business of the bank, including branches, checking and
savings accounts, mortgages and credit card accounts.
<strong>Why is JPMorgan Chase doing this acquisition?</strong>
The combination of our two companies creates the nation's
second-largest branch network, greatly expanding banking convenience
for customers. Our combined network reaches 42% of the U.S.
population, with strong positions in attractive markets such as
California, Florida, New York, Texas, Arizona, Illinois and
Washington.
<strong>How big will the combined network be?</strong>
The combined company will have $900 billion in deposits, 5,400
branches and 14,000 ATMs in 23 states.
<strong>Will my job function change and will I have a new boss?</strong>
For now, it's business as usual. You should continue to report to
work, perform your current job function, and focus on the important
job of serving customers. There are no changes in your systems or
policies, or the employee resources you access today.
<strong>Do you expect job eliminations? If so, when will those occur?</strong>
It is too early to estimate the number of possible job eliminations.
Over time, we expect reductions in redundant roles across the combined
company. We'll be working with Washington Mutual management to make
business decisions and understand the staffing requirements. Affected
employees will be informed as soon as possible and we will work to
provide other opportunities within our company.
<strong>Do I work for JPMorgan Chase, J.P. Morgan or Chase?</strong>
Our official corporate name is JPMorgan Chase & Co. Our consumer,
small business, and commercial/real estate banking businesses operate
as Chase. Our asset management, private banking and investment bank
businesses operate as J.P.Morgan.
<strong>How should I answer the phone? Washington Mutual or Chase?</strong>
We are still using the Washington Mutual brand today, so you should
continue to answer the phone as Washington Mutual, just as you do
today. It's business as usual.
<strong>How are my salary and pay days affected?</strong>
There are no changes in your salary or your pay days at this time. As
we combine our two companies, we'll keep all employees informed about
any future changes.
<strong>What happens to our sales or monthly production incentive plans?</strong>
There are no changes to these programs at this time. As we combine our
two companies, we'll keep all employees informed about any future
changes.
<strong>How are my benefits affected?</strong>
Current Washington Mutual benefit plans, such as medical, 401(k) and
retirement, will continue for now. Information about the transition to
JPMorgan Chase benefits plans will be provided at a later time.
<strong>Will my years of service and vesting be credited by JPMorgan Chase?</strong>
It is expected that your service with Washington Mutual will be
recognized under the JPMorgan Chase benefits plans, subject to a
review of the plans and the terms and conditions of those plans.
<strong>How are my vacation benefits affected?</strong>
For now, your vacation benefits are not affected. As we work to
combine the two companies, we'll communicate to all employees about
any changes in our vacation policies. In the meantime, continue to
seek your manager's approval to take your planned vacation time.
<strong>If I'm interested in a job at a Chase location, will I be able to
transfer to that position?</strong>
While there will be opportunities, we'll ask you to stay in your
current role for now until we make business decisions and understand
the staffing requirements.
<strong>How are customers' accounts affected?</strong>
It's business as usual for you and your customers. They'll continue to
use their same checks, account numbers, ATM and debit cards, PINs,
credit cards, and customer service phone numbers.
<strong>What should I say to customers who ask if their money is safe?</strong>
You can reassure customers that their deposits are safe. JPMorgan
Chase is one of the strongest financial institutions in the U.S. with
$1.8 trillion in assets.
<strong>What do I tell customers about FDIC insurance coverage if they have
deposit accounts in both banks?</strong>
You can tell your customers that their deposits are insured separately
today just as they were yesterday, and generally will be for another
six months. At that time, your deposits will be insured by the FDIC
for up to $100,000 per depositor (with an additional $250,000 for
self-directed retirement accounts), and will continue to be backed by
the strength and security of JPMorgan Chase.
<strong>Do I tell customers they're now doing business with JPMorgan Chase?</strong>
You can simply say 'Yes, we're now part of JPMorgan Chase. That's good
news because your deposits are still backed by FDIC insurance as well
as one of the strongest financial institutions in the U.S. Eventually,
this will mean more convenience for you. But for now, we'll continue
to operate as Washington Mutual. Nothing changes for you or for your
accounts. Continue banking as you have, assured that your bank is now
backed by the strength and security of JPMorgan Chase."
<strong>Can Washington Mutual customers now bank at Chase, and vice versa?</strong>
Not yet! We'll be working to combine systems so customers can begin to
enjoy expanded branch and ATM convenience. For now, both Washington
Mutual and Chase customers should continue banking as they always
have.
<strong>When will we officially become Chase? When do the signs change?</strong>
Washington Mutual's retail businesses will continue with the
Washington Mutual name for now and will be re-branded to Chase over
time.
<strong>Are there any products I should stop selling now? Do I still offer
them as Washington Mutual products?</strong>
It's business as usual with the services you offer customers. Continue
to offer the same products and services as you do today. The only
difference is that customers' deposits are now backed by the financial
strength and security of Chase.
<strong>When will our systems be consolidated?</strong>
We hope to complete most systems integrations and re-branding by the
end of 2010.
<strong>Should we now follow Chase policies and procedures on the job, or do
we follow our existing procedures?</strong>
It's business as usual for now. Continue to follow the policies and
procedures appropriate to your job as you always have.
<strong>Will we be closing branches? What do I tell customers about that?</strong>
For now, all Washington Mutual branches will remain open and operate
as they do today. Over time, where there is significant overlap, we
expect to consolidate branches. According to a preliminary review, we
expect to close about 400 branches in overlapping markets over time,
which is less than 10% of the combined company's branches. You can
tell your customer "for now, this branch is open and ready to serve
you. If we do have a location change, I'll be here to explain the
details."
<strong>How can I ask more questions or get more information about the acquisition?</strong>
Shortly, we'll be communicating how all Washington Mutual employees
can offer feedback and ask questions about the transaction so we can
regularly publish answers to your most pressing questions.
